It looks like the TTC will be hiking its fares to ring in the new year. That's right, starting January 1, 2016 it'll cost you more to get around Toronto via public transit.

Today, the TTC board voted to up fares in order to help offset the transit system's forecasted $53 million budget shortfall, reports the Toronto Star. While the board is freezing Metropass prices as well as student and senior fares, cash fares will go up 25 cents ($3.25) and a token will cost an addition 10 cents ($2.90).

This doesn't come as much of a surprise, considering the idea of a possible fare increase emerged back in July. However, despite the higher fare prices, the TTC will still require a hefty operating subsidy from the city of Toronto.

While the TTC may be more expensive in the near future, it did allocate $95 million towards service improvements, including more buses and streetcars on busy routes.

However, according to the Star, the TTC will be raising its fares largely because it doesn't get an operating subsidy from the provincial government. In fact, Toronto has one of least subsidized transit systems in North America.

What do you think of this fare hike? Let us know in the comments.

Photo by Adrian Baradaco in the blogTO Flickr pool.